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Do you think that maximizing expected utility in general is not how a rational person should act? If yes, how do you deal with https://en.wikipedia.org/wiki/Von
by ikeboy 11y ago
Do you think that maximizing expected utility in general is not how a rational person should act? If yes, how do you deal with https://en.wikipedia.org/wiki/Von_Neumann%E2%80%93Morgenstern_utility_theorem https://en.wikipedia.org/wiki/Von_Neumann%E2%80%93Morgenster...?
- Zakharov 11y agoExpected utility is great, expected money is silly.
- ikeboy 11y agoI don't think that's enough to solve this problem. If you replace money by utility, it seems like it would still be a paradox.
- Retric 11y agoOn of the failings of decision theory is our 'utility functions' are not necessarily static. The most obvious case being people don't necessarily order the same thing every time they go to a restaurant. Arguably you could model this with hidden variables. So: A mathematician might go to vegas and spend 1,000$ gamboling with the expectation that they will lose that money. With novelty being the reason that becomes a reasonable trade-off. In that context maximizing expected utility becomes hard because you can't accurately model your utility function.